While mammoth emerging markets like China and Brazil are seeing their population of ultra-high net worth individuals shrink, the wealth pool in Southeast Asian countries continues to grow, according to a new report from private-wealth consulting firm Wealth-X and the Swiss-based bank UBS. Read More »

Some of Indonesia’s billionaires, including the country’s second-richest family, are taking advantage of the country’s surging stock market and booming economy to sell stakes in their companies.

The Widjaja family, whose Sinar Mas Group owns some of the world’s biggest palm-oil plantations, is among those planning initial public offerings of assets they own. In coming months, say bankers and the companies themselves, the Widjajas, Indonesia’s second-richest family after the Hartonos, according to Forbes; the Riadys, the country’s 11th richest; and the Purnomo family, which controls 26,000 taxis, are together slated to raise $1 billion. Read More »

Nothing says “VIP” quite like champagne sparklers, a common practice in the world’s most glamorous nightclubs where thousand-dollar bottles of Dom Perignon or Cristal come accompanied with ignited, flaming sparklers.

Milk Photographie

But millionaires in Singapore’s luxurious nightclubs will now have to do without. Authorities have warned clubs and lounges to stop the practice to comply with the city-state’s fire safety regulations. Authorities decided to crack down after learning that the sparkler celebration is catching on. Read More »

Australian retail and property magnate Brett Blundy has relocated to Singapore, joining a peer group of foreign tycoons moving to the affluent island nation, people with knowledge of the situation told The Wall Street Journal.

Mr. Blundy, Australia’s 33rd richest person with a fortune of US$835 million according to Forbes, founded BB Retail Capital in 1980. He built up his initial fortune by growing a single record store called “Disco Duck” into a 238-store strong Sanity Entertainment Group, encompassing HMV and Virgin Entertainment, before selling it in 2009. Read More »

Indonesia now has more billionaires than Japan, as Southeast Asia’s largest economy’s expanding middle class continues to ignore the global economic slowdown and shop, pushing up the value of the companies that sell them new stuff and services.

Forbes Indonesia’s latest list of the country’s richest people, released this week, sets its billionaire tally at a record 32 people and families, edging out Japan, which Forbes says is home to 28 billionaires. Last year Indonesia had 26 billionaires, according to Forbes’ calculations. Read More »

Indonesia has been one of the few economic bright spots amid the broader slowdown in emerging markets – now it also has one of the world’s fastest-growing pools of private wealth.

A report on global high-net-worth trends, released Monday by wealth-research group Wealth-X, showed the world’s fourth most populous country bucked the wider contraction in wealth, both globally and in Asia, in 2012. Read More »

Yet another wealth report has put tiny Singapore on the top of its charts – this time, as the wealthiest nation in the world by GDP per capita, beating out Norway, the U.S., Hong Kong and Switzerland.

The report, released by Knight Frank and Citi Private Wealth, estimates that Singapore’s GDP per capita – at US $56, 532 in 2010, measured by purchasing power parity – is the highest in the world, topping Norway, the US and Hong Kong. Read More »

Asia is home to more millionaires than any other region in the world, according to a new report. The study, conducted by consultancy Capgemini and RBC Wealth Management, concluded the Asia-Pacific region now has 3.37 million high-net-worth individuals—defined as those with at least $1 million in investments, excluding principal homes, consumer goods and collectibles. That exceeds the 3.35 million headcount in North America. Read More »

About Indonesia Real Time

Indonesia Real Time provides analysis and insight into the region, which includes Singapore, Thailand, Indonesia, Vietnam, Malaysia, the Philippines, Myanmar, Cambodia, Laos and Brunei. Contact the editors at SEAsia@wsj.com.

Jakarta residents share their views on how Gov. Basuki Tjahaja Purnama has been running Jakarta and whether they're worried about plans by city council to investigate his handling of this year's budget.